Is SSY Best Investment For Your Girl Child? Or Should You Look For Another?


The Sukanya Samriddhi Yojana, also known as SSY, is a part of the Beti Bachao Beti Padhao campaign that came into effect on 22nd January 2015. This campaign was launched by the Government of India to offer better opportunities for girl child across the country, especially in the rural parts of the nation.

The Sukanya Samriddhi Yojana Scheme is a saving scheme provided by several financial institutions to help parents create a stable financial base for the education and marriage of their girl child. The interest rates for such a saving scheme is declared quarterly, similar to other post office schemes. Moreover, it allows you the option to choose between long-term and short-term investment whichever will be best for you. Let us look at the details of such scheme and know why it is a good option to secure your child’s future.

Relaxed Eligibility Criteria

  1. The girl child should not be more than ten years of age at the time of opening an account under the Sukanya Samriddhi Yojana scheme. 
  2. The girl child should be a resident of India till the pre-defined term of maturity of this investment. 
  3. Such an account can be opened either by the parents or a legal guardian of a girl child. 
  4. Only one account is allowed for every girl child. A maximum of two accounts can be opened per family. 
  5. The minimum and maximum annual investment amount are Rs. 250 and Rs. 1.5 Lakh respectively. These investments should be made in the multiple of Rs. 100. 
  6. The account holder can enjoy good interest rate provided by this Government-aided scheme. It is similar in a way where you can earn attractive returns by investing in fixed deposits. You can use an FD monthly interest calculator India to determine your monthly output. 
  7. The account will be handed over to the girl child after she is 18 years of age.
  8. SSY account will be valid till the girl child attains the age of 21 years. SSY is a long term investment.

Benefits Of The Sukanya Samriddhi Yojana Dcheme

  • These accounts can be transferred from one city to another (within India) in case of a transfer in the residence of the parents. 
  • You can invest a flexible amount every year depending on your annual income. 
  • You get to avail a competitive interest rate in comparison to other tax saving scheme. 
  • You get to enjoy tax benefits under section 80C of up to Rs. 1.5 Lakh per year. 
  • It is similar to a fixed deposit; it is a risk-free investment option to ensure your child has a secure future. 

Convenient Application 

You can open your account by visiting a financial institution, NBFC or post office that is affiliated with the Government of India to offer these schemes. Besides, you can also apply for opening an account under the Sukanya Samriddhi Yojana by downloading an application form from the RBI website.

To fill the application form, you will have to provide the following details, such as:

  • Name of the parents or legal guardian
  • Name of the girl child
  • Date of birth of the girl child
  • Details of the parents or legal guardian
  • Cheque or demand draft number
  • Deposit amount
  • KYC details of the parents such as Aadhaar number, driving license, and voter ID, PAN, etc. 
  • Address details
  • Contact details

After you have filled the form by sharing the above mentioned details, you can submit the form after signing it to a post office or financial institution.

If your girl child is above the entry age of this scheme, you can secure a strong financial ground by investing in other options like fixed deposit provided by financial institutions and NBFCs. Bajaj Finance is one such NBFC that offers fixed deposits at a competitive interest rate to provide you secure and attractive returns.

You can also get TDS deductions by submitting these forms. It is one of the most important benefits of form 15G or 15H for fixed deposits if your interest earned is more than Rs. 10,000.

You can check your balance accumulated under the Sukanya Samriddhi Yojana using the online account provided by your financial institution or NBFC. Besides, you can update your account passbook to check your balance if you have opened your account from a post office. The convenience and investor-friendly nature makes this policy an ideal saving scheme for the girl child of this country.

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